There are only 12 months in a year, so it may sound unconventional to hear that a 13th-month salary is being paid by different organizations. Many people who have been in the workforce may understand the concept leaving the newbies clueless. So, anytime the year comes to an end, there is an interesting aura that fills the air in companies where the 13th-month salary is being paid. It is even more good to see because it comes with other forms of bonuses here and there making the entire pay for the end of the year a really big one.

The year ends in a month and that automatically means “it is that time of the year” and many employees must have started thinking of ways to enjoy the extra cash when it comes. 

13th-Month Salary 

A 13th-month salary is the payment of an extra month’s salary by the organization you work for at the end of the year. This style/system is used in several organizations around the world and the idea is to compensate all workers for their input and contribution throughout the year. While organizations in other countries can choose to pay whenever they want, in Nigeria, it is customary and paid at Christmas. Although not every Nigerian organization gives out a 13th-month salary, a huge number of them still do. 

In Nigeria, the payment of this salary is based on a certain calculation and only organizations can decide this because there are no statutory requirements for a 13th-month salary payment. For some organizations, it means that their employees are getting paid twice in December and for others, it may just be a bonus on their normal salary. So if your company is paying you an additional salary, it means that if your salary is originally N100,000, you will be getting N200,000 by December which is a very good idea. 

Why 13th-Month Salary?

As stated earlier, some companies do not bother to engage in this type of compensation activity. Instead, they may prefer to give out souvenirs and food packages to their employees as a sign of appreciation.

For organizations that pay the 13th-month salary, they must have been proud of how much their employees put in to build good projects and along the line, They just accept that good work must be duly compensated and that is why the extra money is being paid. 

However, apart from a 13th-month salary, other interesting compensation that comes at the end of the year includes: 

• Leave allowance 
• Christmas Bonus
• Holiday Gifts/Hampers
• Vouchers 
• Foodstuff 

For many workers in Nigeria, the end of the year is really a good time to look forward to. The excitement that comes from knowing that you are about to close for the year and also the goodies that come from it. Even if you don’t get a 13th-month salary, there is a high probability that you can get some goodies from your place of work. 

As the festive season approaches, enjoy all the goodness and extras that come with it. You’ve worked hard all year round, so you deserve every compensation that you get.